CapitaLand India Trust's net property income surges 18% YoY in 1Q24

The REIT attributed the increase to higher property income.

Increased property income propelled CapitaLand India Trust's (CLINT) net property income (NPI) up 18% YoY in SGD terms and 19% YoY in Indian Rupee terms in 1Q24.

Based on its latest financial statement, CLINT recorded an NPI of $49.4m (₹3.1b). The NPI growth for the period, however, was offset by an increase in total property expenses.

Meanwhile, total property income for the period was 26% (₹4.2b) and 25% ($66.9m) higher than 1Q23.

CLINT attributed its improved property income to higher rental income from properties and income contributions from acquisition and development.

These properties include Block A of ITPH, ITPP-H, Industrial Facility 2 & 3 in Mahindra World City and BlueRidge 3 Phase 1 in Hinjawadi, Pune.